India’s benchmark indexes set to open marginally higher
INDIA-STOCKS/:INDIA STOCKS-India's benchmark indexes set to open marginally higher
Jan 22 (Reuters) - India's benchmark indexes are set to open marginally higher on Wednesday, after hitting a more than seven-month low in the last session on uncertainty over U.S. policy trajectory under President Donald Trump and worries over corporate earnings.
The GIFT Nifty futures were trading at 23,170.5, as of 7:55 a.m. IST, indicating that the blue-chip Nifty 50 will open slightly above Tuesday's close of 23,024.65.
Both the benchmarks Nifty 50 and BSE Sensex indexes lost about 1.5% each in the previous session, closing at their lowest since June 6, while volatility in Indian markets rose to their highest since early-August.
"Uncertainty around Trump's tariff policies, consistent foreign outflows and weaker-than-expected December-quarter results are weighing on markets," said Siddhartha Khemka, head of research of wealth management at Motilal Oswal Financial Services.
Foreign portfolio investors (FPI) have sold Indian stocks and bonds worth $7 billion in January so far.
While there may be a technical rebound after Tuesday's sharp drop, bottom fishing should be avoided as the market remains vulnerable, two traders said.
Investors also await the quarterly earnings of heavyweights such as HDFC Bank, Hindustan Unilever and BPCL, due later in the day.
Other Asian markets were muted on the day, with the MSCI Asia ex-Japan index trading flat.
STOCKS TO WATCH
** Life insurer ICICI Prudential posts higher December-quarter profit on new policy sales
** Electronic manufacturing solutions provider Cyient DLM reports rise in net profit in third quarter
** Speciality chemicals maker Rossari Biotech posts drop in December quarter profit
** Housing financier PNB Housing Finance posts jump in third-quarter profit, helped by strong demand for home loans ($1 = 86.4850 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)
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